Listen to the Market's Whispers (October/November Support)
Bitcoin looks a tiny bit bearish. I would have hoped for Bitcoin to stabilize around the $9350 level, but instead we seem to be hovering a little bit lower than the oscillating average. Normally when I see this it means we're in for a slight drop. I'm guessing we dump back down to $8500 quickly sometime within the next few days.
That being said I think we will have really strong support at this $8500 level if it comes to that. On the other side of the coin, if the price goes up in the next few days I would interpret that as a very bullish signal for November. Either way I'm not really going to change any of my trading strategy.
Irrelevant.
These tiny movements are nothing compared to what we could be in for over the next few months. If you're like me you're annoyed about all this constant speculation.
You annoy yourself?
Yep.
Then why do you keep doing it?
Well, I'm not in the proper mind-space to handle this winter's volatility. I do not have a good track-record with keeping my calm during those moments of extreme volatility. I'm attempting to establish a baseline now that I can fall back to if I go on tilt.
Baseline.
Ultimately, this is what I'm looking for right now: a signal from the market. I was able to guess the low of the summer dump with surprising accuracy, and I'm looking to do that again for winter. Ultimately I hope the market calms down a bit for about a week or two so we can establish a solid new baseline.
Looking to the past.
Has this happened before? Why yes it has, and again, with surprising accuracy. The winter pump of 2017 crashed into the support of late October and early November.
4 years prior
It even happened again in 2013. The price point for the winter dump was set during Oct 23 to Nov 3. How convenient.
Conclusion
Wouldn't it be nice to know where Bitcoin is going to dump to even if we don't know how high it will spike?
Sure would be nice!
I believe the answer will reveal itself within two weeks.
Keep your ear to the ground, friend.
we are waiting for the pump steem 😄
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I have been expecting a dump back to 8800 and will buy when it (if it) does.
Yeah honestly $8800 looks more likely.
Turn those previous resistance lines into support.
in the long run this price does not matter, 7500 or 8000 or 9000
just buy low and sell high and look macro
https://www.steemleo.com/steemleo/@felander/my-monthly-btc-buying-selling-strategy
Yeah the price is doubling every year. Pretty easy to capture those big gains if it remains so predictable.
Nothing major until winter 2020 (if then even). :)
HODL ON!. :D
That's the timeline for the 4 year cycle based on Bitcoin halvings.
You're greatly underestimating how bullish the fucked world economy is for Bitcoin.
The world is on fire and Bitcoin is the only scalable shelter.
Sure, precious metals are nice, but they don't scale like open borderless networks do.
I dont see the world economy as being fucked though. We might see a crisis but that will pass.
Even if it's just a crisis that's temporarily hugely bullish for Bitcoin.
Bitcoin exists for the crisis.
I would argue that the crisis will become systemic failure because Bitcoin won't allow central banks to stop the bleeding of the broken economy. There is now an option that everyone can retreat to.
This "crisis" could easily be worse than the Great Depression. In the past central banks could quarantine the economy. Borderless Bitcoin will not allow that.
I can see that you're currently stuck in perma-bear mode from getting burned hard. It's clouding your judgement. It's a nice defense against the loss you've experienced, but it won't serve you well during the bull market.
I dont really have any kind of strategy related to the bear or the bull market.
I dont speculate. I wait.
Accumulation during bear and selling 50% at steem 5 usd and 10 usd. 25% at each price point.
Its hard to expect new money coming in so soon after the massive bubble we had.
These mild fluctuations and money consolidating in bitcoin doesnt mean anything. The best you can do is maybe guess the movement inside crypto sphere but thats it. People are greedy but theyre also very cautious. When they see 98% loss of valur in the alt market people are become extremely cautious.
The structure of the alt market can be compared to a circus. A reality show.
Look at the MCs of some tokens. Trx, btcg, dogecoin, etc...
Investors seeing those things will rakn skeptical of crypto.
No... Time needs to pass and crypto needs a cleansing. Not until that happens will we see any major adoption.
Hm yeah we'll see what happens when the FED starts dumping stocks, bonds, real estate, and lowering interest rates under 0%.
I'm sure we'll talk more about this come the end of the month.
I've had some success "catching the falling dagger" recently with a piece of my BTC, setting a stop-loss market sell and putting a limit buy just underneath it with a big enough gap to pay fees and profit, but with this recent (surprising to me) surge I'm hesitant to sell anywhere in case it doesn't make it back down to my buy.
Unrelated but has anyone heard any update on US residents using Binance?
I still use Binance all the time.
I'm not even using a VPN.
If they were going to cut my service they'd obviously email me months in advance.
Nice historical example. If BTC can hold the $8000, that should be a nice base before the next leg higher.
@tipu curate
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